Stop Eating Your Money

I started a 28 Day Detox today. No caffeine, no sugar, no alcohol, no dairy and no gluten.

I’m one day in and the headaches are debilitating, but I’m determined to get through because enough is enough - My body wants to be saved and I want to wear my pre-COVID dresses again!

This got me thinking about the concept of detox - how can I apply this to money?

Habits.

Everyone can do with a money habit detoxification.

We pick up bad money habits along the way in life whether we mean to or not. Most are embedded into our subconscious programming in our first 14 years of life. Some habits we don’t even know we have. They have become obliviously familiar because they’ve always been part of our experience.

Maybe you have a habit of spending everything you earn - because that’s what your parents did.

Or a habit of giving money away to friends and family - because you want to always fit in and be part of the ‘tribe’.

The fact is, most of our bad money habits don’t even belong to us. They’re habits and beliefs created by our ancestors which have created a pattern in our family line.

The good news is that habits can be replaced. YOU can break the pattern and start NEW more positive lineal habits.

The most essential money habit to introduce is the concept of paying yourself first.

You do this by putting a system in place to automatically transfer a percentage of your income into a separate low fee, high interest bank account at a separate banking institution each month. This is especially important if you already have debt because you’ll never get out of the debt trap until you have a safety net of savings.

If you don’t learn how to put yourself first, you’ll forever be paying everyone except you and you’ll NEVER get ahead. It’s all about self worth, self respect and self wealth.

Set yourself up for future success by building a 6-12 month essential living costs fund. This is not for investing, it’s purely for security. It makes you FEEL safe, and ensures you never fall behind if something goes wrong.

The beauty of putting this automatic plan into place is that you intercept your old money habits. This plan is set-and-forget. The automatic transfers work behind the scenes to build wealth and security as you go through your day.

Better yet, every time the transfer happens, there’s a little less money on your everyday dinner plate to eat from. A smaller dinner plate means you eat less and feel full anyway. Your tasty savings are out-of-sight-out-of-mind so they can grow without the temptation to eat them!

If you want help putting a plan in place to reduce debt, I have free resources on this available HERE.

Once you have an essential living costs fund established, you can look at diverting that income percentage to investing and/or planning for retirement.

More money habit detox tips to come in next week’s blog!

If this resonates with you - let me know, I’d love to hear from you. Follow me @loveluckwealth for wealth inspiration. I’m building a community of wealthy women because money in the hands of women is a GOOD thing!

A money mentor like me can help transform your relationship with money from one of frustration to joy. You ARE good at money, it’s just that no one showed you how. Let’s change that.

It’s time to turn the page and get your money sorted. Book a free chat on the button below when you’re ready.

Legal Note: Information provided by Love Luck Wealth is factual in nature and does not take into consideration your personal financial situation. It is for educational purposes only and does not constitute financial advice nor financial product advice in any way. Remember, the value of any investment can go down as well as up. Before acting, you should consider seeking independent personal financial advice that is tailored to your needs from an appropriately licensed or authorised financial adviser.